Launching in 2022 would certainly provide some time for VR tech to move on and even see a reduction in price.

Further details were shared on Variety, with Bell revealing: “We have multiple investors already offering the required funding for us to see the product to completion, but it’s still early days, and we’re looking at the best offers right now.

“All that we have approached are discussing standard partial ownership investment deals...

“Prices will drop with ship quantity, but we’re not planning on taking as large a cut as other console owners to enable us to cut prices massively.

“We fully expect to be matching the best of the rest early in the lifecycle though.”

Bell added: “We think the industry is a little too much of a monopoly or a micro oligopoly.

“We think competition is healthy and we have the required hardware contacts to be able to bring something epic to fruition based on our designs.”

When it comes to the final design, Bell has warned that it could undergo further alterations if deemed necessary

“The public have spoken and we've listened,” a recent Tweet from Bell reads.

“This is the design we're going with. It might be slightly amended over time... Thanks all for your responses which have helped to guide us.”

It appears the look of the new console has built a following around the ambitious new project, which is bound to face plenty of competition from the current hardware leaders.

While neither Sony or Microsoft have announced release dates for the PS5 or Xbox Two, most analysts believe they will have hit shelves by 2022.